Mogul Energy Has Received Drilling Permit Approval for the Stafford Well #1, Jackson County, Texas
04 February 2011 - 7:22AM
Marketwired
Mogul Energy International, Inc. (OTCBB: MGUY) ("Mogul") today
announced it has received the approved drilling permit from the
Texas Railroad Commission for its proposed Stafford Well #1 in
Jackson County, Texas.
As operator of the Stafford Well #1, Mogul anticipates the
drilling, to total depth of 7,400 feet, will take approximately 8
to 10 days. Logging and any additional testing will occur
immediately after drilling is complete. Mogul, with its 15% net
working interest, together with its partners, will test several
prospective zones within the Frio formation. Pending results of the
first well will determine if additional offset locations will be
immediately planned.
President and CEO, Tim Turner said, "We are excited to be moving
forward with our first exploitation prospect in Texas. Mogul's team
has spent the last several months studying data and well logs from
offset producing wells, in several prospects, and we are eager to
test the potential that the Stafford Well #1 may bring as our first
prospect. With the drilling permit approved, the signed drilling
contract in hand and the funds in place, Mogul is ready to spud the
well as soon as possible. Drill site preparations have been
initiated and as soon as that is complete, we will look to move the
rig onto the location and begin drilling operations."
About Mogul Energy International,
Inc.:
Mogul Energy International, Inc. ("Mogul") is an oil and gas
exploration company headquartered in Houston, Texas. The common
shares of Mogul are quoted on the OTC Bulletin Board (OTCBB) system
under the symbol "MGUY," and the Frankfurt Stock Exchange ("FSE")
under the symbol 'BKX.' Further information concerning Mogul can be
found in the company's filings with the U.S. Securities and
Exchange Commission (http://www.sec.gov). For more information
about Mogul Energy International, Inc., go to
www.mogulenergy.com.
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of the securities laws, which are based on current
expectations and beliefs, as well as on a number of assumptions
concerning future events made with information that is currently
available. Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. Inherent in Mogul Energy International, Inc.'s
("Mogul") business plan is a belief that Mogul can successfully
explore oil and gas properties in the United States and that Mogul
can participate in the development of those properties. Readers are
cautioned not to put undue reliance on such forward-looking
statements, which are not a guarantee of performance and are
subject to a number of uncertainties and other factors, many of
which are outside of Mogul's control, which could cause actual
results to differ materially from such statements. For a more
detailed description of the factors that could cause such a
difference, please refer to Mogul Energy's filings with the U.S.
Securities and Exchange Commission. Mogul assumes no obligation to
update or supplement such forward-looking statements other than as
required by law.
For more information, contact: Naeem Tyab Chairman Mogul
Energy International, Inc. naeem@mogulenergy.com Tim Turner
President and CEO Mogul Energy International, Inc. 2500 Wilcrest
Dr., Ste. 405 Houston, TX 77042
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